The Importance of Flexibility in Oil Prices

Oil prices could be a lot higher with way lower oil demand. Most alternatives, like all alternatives, to the system that we have set up in terms of high consumption of oil for energy purposes are not required at the same level and for the same lifespan. It depends on whether people are willing to channel capital into this sort of thing versus something else. And it also depends on interest rates for lots of the other things. We've had a totally different attitude about this stuff than what we'll see if real rates go down.